NEW DELHI: Equity benchmarks BSE Sensex and NSE Nifty surged over one per cent in Wednesday’s trade on buying in frontline blue chip stocks amid firm global cues as the January series F&O contracts expired.

The 30-share BSE Sensex closed 332 points, or 1.21 per cent, higher at 27,708, while the Nifty50 index reclaimed the 8,600 mark for the first time since November 1 and closed at 8,602, 126.95 points, or 1.50 per cent, higher than the previous close.

In the Nifty50 pack, 40 stocks ended the day in the green with Kotak Mahindra Bank gaining 6.80 per cent, followed by Bosch (up 4.65 per cent), BPCL (up 4.51 per cent), Bank of Baroda (up 4.33 per cent) and Adani Ports (up 3.87 per cent).

On the other hand, shares of Wipro, Bharti Airtel, HCL Technologies, Infosys and Aurobindo Pharma fell 1.35 per cent, 1.33 per cent, 1.20 per cent, 0.95 per cent and 0.93 per cent, respectively.

Going by the buzz on Dalal Street, here are the top five factors that supported the market in Wednesday’s trade.

Firm global cues: While US markets rallied in overnight trade, European markets traded strong on Wednesday. Asian markets ended in the green taking cues from a firmer Wall Street. Hong Kong’s Heng Seng, China’s Shanghai Composite and Japan’s Nikkei indices closed higher by 0.43 per cent, 0.22 per cent and 1.43 per cent, respectively. The Dow Jones Industrial Average climbed 112 points, or 0.57 per cent, to 19,912 on Tuesday, while the S&P500 gained 14.87 points, or 0.66 per cent, to 2,280 and the Nasdaq Composite rose 48.01 points, or 0.86 per cent, to 5,600.

Short coverings: There was short covering on the back of expiry of January series futures and options (F&O) contracts on Wednesday, which further supported the domestic equity market. The stock market will remain closed on Thursday, January 26, on account of Republic Day.

Earnings boost: Some better-than-expected quarterly results also lifted market sentiments. Indian Bank reported nearly eight-fold rise in net profit at Rs 373.47 crore for the quarter ended December 31, 2016 against Rs 48.48 crore reported for the corresponding quarter last year. Maruti posted a 47.46 per cent year-on-year rise in net profit for the third quarter ended December 31, 2016. Coromandel International reported 37 per cent rise in consolidated net profit at Rs 112.67 crore for the third quarter ended December 31, 2016 against Rs 82.23 crore registered in the corresponding quarter last year.

Trump invite to Modi: Describing India as a ‘true friend’ of the US, President Donald Trump invited Prime Minister Narendra Modi to visit the country later this year, the White House said after both leaders spoke over phone and discussed as trade, defence and terrorism. While it helped the broader market, IT and pharma stocks slipped during the day.